Firming Up Inequality

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2 Firming Up Inequality Jae Song Social Security Administration Fatih Guvenen Minnesota, FRB Mpls, NBER David Price Stanford Nicholas Bloom Stanford and NBER Till von Wachter UCLA and NBER February 5, 2016

3 Motivation I US income inequality has been rising for almost four decades Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 1 / 208

4 Motivation I US income inequality has been rising for almost four decades I Much research on inequality between groups defined by observable characteristics: education/skill, occupation, age, gender, race, and so on. Main conclusion: substantial rise in within-group inequality. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 1 / 208

5 Motivation I US income inequality has been rising for almost four decades I Much research on inequality between groups defined by observable characteristics: education/skill, occupation, age, gender, race, and so on. Main conclusion: substantial rise in within-group inequality. I This paper: study the employer/firm as an observable worker characteristic: Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 1 / 208

6 Motivation I US income inequality has been rising for almost four decades I Much research on inequality between groups defined by observable characteristics: education/skill, occupation, age, gender, race, and so on. Main conclusion: substantial rise in within-group inequality. I This paper: study the employer/firm as an observable worker characteristic: Between firms (e.g., top firms are paying better) Within firms (e.g., higher executive pay relative to average pay) Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 1 / 208

7 This Paper Two questions: Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 2 / 208

8 This Paper Two questions: 1. How much of the rise in income inequality is between firms and how much is within firms? For bottom 99% : Almost all of it between firms For the top 1% : Almost all of it between firms up to 99.8th percentile Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 2 / 208

9 This Paper Two questions: 1. How much of the rise in income inequality is between firms and how much is within firms? For bottom 99% : Almost all of it between firms For the top 1% : Almost all of it between firms up to 99.8th percentile Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 2 / 208

10 This Paper Two questions: 1. How much of the rise in income inequality is between firms and how much is within firms? For bottom 99% : Almost all of it between firms For the top 1% : Almost all of it between firms up to 99.8th percentile 2. Why has inequality risen so much between firms? Large rise in sorting between firms and workers Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 2 / 208

11 This Paper Two questions: 1. How much of the rise in income inequality is between firms and how much is within firms? For bottom 99% : Almost all of it between firms For the top 1% : Almost all of it between firms up to 99.8th percentile 2. Why has inequality risen so much between firms? Large rise in sorting between firms and workers Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 2 / 208

12 Outline I The Social Security Administration (SSA) database I Non-parametric results on inequality The bottom 99% Robustness (region, industry, gender, age, measures) The top 1% I More formal econometric approach I Why is this happening? The changing structure of firms Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 3 / 208

13 The Data

14 Data: SSA Master Earnings File I Universe of all W-2s from 1978 to Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 4 / 208

15 Data: SSA Master Earnings File I Universe of all W-2s from 1978 to I For each job: SSN, EIN, and total compensation Total compensation includes: wages, salaries, tips, restricted stock grants, exercised stock options, severance payments, and many other types of income considered remuneration for labor services by the IRS. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 4 / 208

16 Data: SSA Master Earnings File I Universe of all W-2s from 1978 to I For each job: SSN, EIN, and total compensation Total compensation includes: wages, salaries, tips, restricted stock grants, exercised stock options, severance payments, and many other types of income considered remuneration for labor services by the IRS. I For each worker: age, sex, place of birth, date of death Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 4 / 208

17 Data: SSA Master Earnings File I Universe of all W-2s from 1978 to I For each job: SSN, EIN, and total compensation Total compensation includes: wages, salaries, tips, restricted stock grants, exercised stock options, severance payments, and many other types of income considered remuneration for labor services by the IRS. I For each worker: age, sex, place of birth, date of death I For each EIN: 4-digit SIC (industry) code, location We define Firm = EIN (same as used by Bureau of Labor Statistics) Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 4 / 208

18 Data: SSA Master Earnings File I Universe of all W-2s from 1978 to I For each job: SSN, EIN, and total compensation Total compensation includes: wages, salaries, tips, restricted stock grants, exercised stock options, severance payments, and many other types of income considered remuneration for labor services by the IRS. I For each worker: age, sex, place of birth, date of death I For each EIN: 4-digit SIC (industry) code, location We define Firm = EIN (same as used by Bureau of Labor Statistics) I No top-coding; no survey response error Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 4 / 208

19 Building a US Matched Employer-Employee Dataset I MEF: Universe of US workers =) Universe of U.S. firms I Individuals assigned to firm where they earn most of their annual income. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 5 / 208

20 Building a US Matched Employer-Employee Dataset I MEF: Universe of US workers =) Universe of U.S. firms I Individuals assigned to firm where they earn most of their annual income. I Baseline: Firms with 20+ employees. Workers at those firms. Exclude government and education. Covers 1.1 million firms (about 18% of total) and 103 million workers (73% of total) and $5.4tn in wages (80% of total) Results robust to sample selection (All firms & all sectors) & worker assignment to firms. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 5 / 208

21 Firm Size Distribution: EIN vs. Census Firm (Log) Number of Firms SSA Firms Census Firms Employees Notes: Natural log of the number of firms in each size category are shown. Census figures count the number of employees at a point in time, while the SSA numbers count the number of FTEs over the course of a year. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 6 / 208

22 Total Payroll Total Income Over Time Total Income (Trillions of 2012 Dollars) SSA total NIPA Year Notes: SSA data includes all entries in the MEF. All data are adjusted for inflation using the PCE price index. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 7 / 208

23 Total Employment Total Employment (Millions) SSA individuals Total Employment Over Time CPS Total Employment Year Notes: SSA data includes all entries in the MEF. Current Population Survey (CPS) total employment shows the yearly average of the monthly employment numbers in the CPS. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 8 / 208

24 Number of Firms Total Firms Over Time Number of Firms (Millions) SSA firms Census Firms Year Notes: SSA data includes all entries in the MEF. Census firms shows the total number of firms reported by the Census Bureau s Statistics of U.S. Businesses data set. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 9 / 208

25 EMPIRICAL RESULTS

26 Basic Variance Decomposition I w ij t : log income of worker i at firm j Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 10 / 208

27 Basic Variance Decomposition I w ij t : log income of worker i at firm j I Simple decomposition: w ij t w j t {z} Firm avg. wage + h w ij t w j t i {z } Worker wage rel. to firm avg. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 10 / 208

28 Basic Variance Decomposition I w ij t : log income of worker i at firm j I Simple decomposition: w ij t w j t {z} Firm avg. wage + h w ij t w j t i {z } Worker wage rel. to firm avg. ) var i (w ij t {z } ) var j (w j t {z } ) + Total dispersion Between-firm dispersion JX P j var i (w ij t i 2 j). {z } Within-firm j dispersion j=1 P j : employment share of firm j Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 10 / 208

29 Total Wage Inequality Variance of Log(Wage) Total Variance Year Note: Firms with less than 10,000 FTE employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 11 / 208

30 Total vs. Between-Firm Wage Inequality Variance of Log(Wage) Total Variance Between Firm Year Note: Firms with less than 10,000 FTE employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 12 / 208

31 Total vs. Between-Firm Wage Inequality Variance of Log(Wage) Total Variance Between Firm Year Note: Firms with less than 10,000 FTE employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 13 / 208

32 Total, Between- and Within-Firm Inequality Variance of Log(Wage) Total Variance Within Firm Between Firm Year Note: Firms with less than 10,000 FTE employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 14 / 208

33 Large Firms Only (10,000+ FTE) Variance of Log(Wage) Total Variance Within Firm Between Firm Year Note: Firms with more than 10,000 FTE employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 15 / 208

34 A GRAPHICAL FRAMEWORK

35 Empirical Framework 0.4 Year = Density Income Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 17 / 208

36 Empirical Framework 0.4 Year = Density P10 P50 P90 Income Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 18 / 208

37 Empirical Framework 0.4 Year = Density P10 P50 P90 Income 0.4 Year = Density P10 P50 P90 Income Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 19 / 208

38 Example: No Rise in Inequality Earnings Change: 1982 to Individuals Percentiles of Earnings Distribution Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 20 / 208

39 Example: Rise in Inequality Between Top and Rest Earnings Change: 1982 to Individuals Percentiles of Earnings Distribution Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 21 / 208

40 Example: Rise in Inequality Everywhere Earnings Change: 1982 to Individuals Percentiles of Earnings Distribution Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 22 / 208

41 RESULTS: BOTTOM 99%

42 Wage Inequality: By Percentile Log Change, Indv Total Wage 50%ile 1981: $32k 2013: $36k top %ile 1981: $280k 2013: $540k Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 24 / 208

43 Calculating Average Log Employer Pay Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 25 / 208

44 Calculating Average Log Employer Pay I Take the employers of workers who are in the same percentile bin of income distribution. I Then compute the average of log pay of each employer in this group. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 25 / 208

45 Calculating Average Log Employer Pay I Take the employers of workers who are in the same percentile bin of income distribution. I Then compute the average of log pay of each employer in this group. I Then compute the average of average log pay across all employers in the group Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 25 / 208

46 Wage Inequality: Between Firms Log Change, Indv Total Wage Avg of Log Wages at Firm 50%ile 1981: $30k 2013: $35k top %ile 1981: $49k 2013: $83k Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 26 / 208

47 Wage Inequality: Within Firms Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average 50%ile 1981: : 1.03 top %ile 1981: : Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 27 / 208

48 ROBUSTNESS

49 Wage Inequality: Within Firms Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 29 / 208

50 Many Measures of Firm Pay Log Change, Avg of Log Wages at Firm (Difference) Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 30 / 208

51 Many Measures of Firm Pay Log Change, Avg of Log Wages at Firm (Difference) Firm Log Average (Leaving Out Indv) (Difference) Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 31 / 208

52 Many Measures of Firm Pay Log Change, Avg of Log Wages at Firm (Difference) Firm Log Average (Leaving Out Indv) (Difference) Firm Average Wage (Difference) Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 32 / 208

53 Many Measures of Firm Pay Log Change, Avg of Log Wages at Firm (Difference) Firm Log Average (Leaving Out Indv) (Difference) Firm Average Wage (Difference) 50th %ile at Firm (Difference) Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 33 / 208

54 Robustness: Std Dev. Log Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 34 / 208

55 Robustness: Std Dev. Log Wage Log Change, Std Dev of Log Wage at Firm Indv Total Wage Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 34 / 208

56 Robustness: Frac. Going to Bottom 95% Log Change, Frac of Wages to Bottom 95% Indv Total Wage Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 35 / 208

57 Individual Industries

58 Wage Inequality: Controlling for (4-Digit SIC) Industry Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 37 / 208

59 Wage Inequality: Controlling for (4-Digit SIC) Industry Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Within Industry Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 37 / 208

60 Fama-French Industries: Beer and Liquor Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Beer & Liquor Note: Sample contains an average of 65,660 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 38 / 208

61 Fama-French Industries: Candy and Soda Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains an average of 193,000 workers in 1981 and Candy & Soda Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 39 / 208

62 Fama-French Industries: Pharmaceuticals Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Pharmaceutical Products Note: Sample contains an average of 140,650 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 40 / 208

63 Fama-French Industries: Chemicals Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains an average of 644,660 workers in 1981 and Chemicals Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 41 / 208

64 Fama-French Industries: Defense Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains an average of 74,350 workers in 1981 and Defense Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 42 / 208

65 Fama-French Industries: Recreation Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Recreation Note: Sample contains an average of 142,200 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 43 / 208

66 Fama-French Industries: Utilities Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Utilities Note: Sample contains an average of 703,320 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 44 / 208

67 Fama-French Industries: Consumer Goods Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains an average of 1,699,270 workers in 1981 and Consumer Goods Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 45 / 208

68 Fama-French Industries: Communication Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Communication Note: Sample contains an average of 951,920 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 46 / 208

69 Fama-French Industries: Computers Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Computers Note: Sample contains an average of 197,520 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 47 / 208

70 Fama-French Industries: Electronic Equipment Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Electronic Equipment Note: Sample contains an average of 407,150 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 48 / 208

71 Fama-French Industries: Agriculture Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains an average of 931,380 workers in 1981 and Agriculture Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 49 / 208

72 Fama-French Industries: Insurance Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains an average of 1,452,050 workers in 1981 and Insurance Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 50 / 208

73 Fama-French Industries: Trading Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Trading Note: Sample contains an average of 1,240,390 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 51 / 208

74 Exceptions

75 Fama-French Industries: Healthcare Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Healthcare Note: Sample contains an average of 7,667,800 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 53 / 208

76 Fama-French Industries: Banking Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Banking Note: Sample contains an average of 2,013,760 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 54 / 208

77 Fama-French Industries: Apparel Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Apparel Note: Sample contains an average of 606,320 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 55 / 208

78 Fama-French Industries: Hotels & Restaurants Log Change, Indv Total Wage Avg of Log Wages at Firm Indv Wage/Firm Average Percentile of Indv Total Wage Restaurants, Hotels, Motels Note: Sample contains an average of 2,610,400 workers in 1981 and Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 56 / 208

79 Subgroups: Bottom 99 pct I By Industry: HERE I By Region: HERE I By Firm Size: HERE I By Sex: HERE I By Age: HERE Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 57 / 208

80 RESULTS: TOP 1%

81 Rise in Top 1% Inequality Log Change, Indv Total Wage Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 59 / 208

82 Rise in Top 1% Inequality: Largely Between Firms Log Change, Firm Average Wage Indv Total Wage Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 60 / 208

83 Rise in Top 1% Inequality: Largely Between Firms Log Change, Firm Average Wage Indv Total Wage Indv Wage/Firm Average Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 61 / 208

84 CAUTION

85 Firm Size: 20 10, 000 FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 63 / 208

86 Firm Size: 10, 000+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 64 / 208

87 Recap: Between- vs. Within Rise in Inequality: Fraction Within-Firm Firm Size Percentiles Income Percentiles Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 65 / 208

88 Bottom 99%: Almost All Between Firms Rise in Inequality: Fraction Within-Firm Firm Size Percentiles Income Percentiles Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 66 / 208

89 Rise in Within-Firm: Top 0.5% of Firms Rise in Inequality: Fraction Within-Firm Firm Size Percentiles Income Percentiles Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 67 / 208

90 Why Are Large Firms Different? 1. Top End Figure: Sensitivity to S&P Returns, By Employee Rank and Firm Size Regression Coefficient k Rank Within Firm log(wage) vs log(s&p 500) w/ controls, Aggregated by Geometric Mean, Winsorized at Max in Execucomp Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 68 / 208

91 Why Are Large Firms Different? 1. Top End Figure: Sensitivity to S&P Returns, By Employee Rank and Firm Size Regression Coefficient k 1k 5k Rank Within Firm log(wage) vs log(s&p 500) w/ controls, Aggregated by Geometric Mean, Winsorized at Max in Execucomp Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 69 / 208

92 Why Are Large Firms Different? 1. Top End Figure: Sensitivity to S&P Returns, By Employee Rank and Firm Size Regression Coefficient k 1k 5k 5k 10k Rank Within Firm log(wage) vs log(s&p 500) w/ controls, Aggregated by Geometric Mean, Winsorized at Max in Execucomp Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 70 / 208

93 Why Are Large Firms Different? 1. Top End Figure: Sensitivity to S&P Returns, By Employee Rank and Firm Size Regression Coefficient k 1k 5k 5k 10k 10k Rank Within Firm log(wage) vs log(s&p 500) w/ controls, Aggregated by Geometric Mean, Winsorized at Max in Execucomp Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 71 / 208

94 Why Are Large Firms Different? 2. Bottom End Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 72 / 208

95 Why Are Large Firms Different? 2. Bottom End Figure: Change in Wage Percentiles By Firm Size 10th %ile 10th %ile Log Change in Indv Pctls Since th %ile 50th %ile 75th %ile 90th %ile Year 1000 Firm Size < 2000 Log Change in Indv Pctls Since th %ile 50th %ile 75th %ile 90th %ile Year 10,000 Firm Size Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 72 / 208

96 ) Major Change in Firm Size Pay Relation Number of Employees (Thousands) Percentile of Indv Total Wage Median of Firm Size, 20 Firm Size Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 73 / 208

97 What is the Role of CEO Pay in Rising Inequality? Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 74 / 208

98 What is the Role of CEO Pay in Rising Inequality? As for wages and salaries... all the big gains are going to a tiny group of individuals holding strategic positions in corporate suites. Paul Krugman (NY Times, 02/23/2015) Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 74 / 208

99 What is the Role of CEO Pay in Rising Inequality? As for wages and salaries... all the big gains are going to a tiny group of individuals holding strategic positions in corporate suites. Paul Krugman (NY Times, 02/23/2015) The primary reason for increased income inequality in recent decades is the rise of the supermanager. Piketty (2013, p. 315) Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 74 / 208

100 What is the Role of CEO Pay in Rising Inequality? As for wages and salaries... all the big gains are going to a tiny group of individuals holding strategic positions in corporate suites. Paul Krugman (NY Times, 02/23/2015) The primary reason for increased income inequality in recent decades is the rise of the supermanager. Piketty (2013, p. 315) I Policy: Dodd-Frank act (Section 953(b)): companies to report the ratio of top executives compensation to average wage in the firm. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 74 / 208

101 Rise in Inequality: Baseline Log Change, Indv Total Wage Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 75 / 208

102 Rise in Inequality Without Top Executives Log Change, Indv Total Wage Indv Total Wage (Non Top 1 Employees) Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 76 / 208

103 Rise in Inequality Without Top Executives Log Change, Indv Total Wage Indv Total Wage (Non Top 1 Employees) Indv Total Wage (Non Top 5 Employees) Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 77 / 208

104 Rise in Inequality Without Top Execs: FTE Log Change, Indv Total Wage Indv Total Wage (Non Top 1 Employees) Indv Total Wage (Non Top 5 Employees) Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 78 / 208

105 Top 1% Inequality Without Top Executives: Baseline Log Change, Indv Total Wage Indv Total Wage (Non Top 1 Employees) Indv Total Wage (Non Top 5 Employees) Percentile of Indv Total Wage Note: Excluding top 5 individuals reduces the sample size from 76,251 to 73,620 in 1982 ( 3.45%) and from 119,155 to 115,602 in 2012 ( 2.97%). Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 79 / 208

106 Top 1% Inequality Without Top Executives: FTE Log Change, Indv Total Wage Indv Total Wage (Non Top 1 Employees) Indv Total Wage (Non Top 5 Employees) Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 80 / 208

107 Why Don t Executives Matter (Much)? I US Wages and Salaries: $6.9 Trillion I Wage income share of top 1 percent: 12% (Guvenen, Kaplan, and Song (2014)) 12% of $6.9 Tr = $828 Billion I Average annual compensation of S&P500 CEOs: $22 million Total income: $22 million 500 = $11 Billion I $11B Large firm CEOs account for: $828B of top 1 percent. = 1.3% of the total compensation I Bottom line: Top executives control too small a share of the top incomes to make a dent. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 81 / 208

108 Subgroups: Top 1 pct I By Industry: HERE I By Region: HERE I By Firm Size: HERE I By Sex: HERE I By Age: HERE Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 82 / 208

109 A More Formal Econometric Approach

110 What We Have Done So Far I A simple decomposition: w ij t = w j t + h w ij t w j t var i (w ij t )= var j(w j t {z } ) + Between-firm dispersion i JX P j var i (w ij t i 2 j). {z } Within-firm jdispersion j=1 Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 84 / 208

111 What We Have Done So Far I A simple decomposition: w ij t = w j t + h w ij t w j t var i (w ij t )= var j(w j t {z } ) + Between-firm dispersion I Our main conclusion: i JX P j var i (w ij t i 2 j). {z } Within-firm jdispersion j=1 large increase in between-firm dispersion little change in within-firm dispersion, except at the top end for very large firms Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 84 / 208

112 What We Have Done So Far I A simple decomposition: w ij t = w j t + h w ij t w j t var i (w ij t )= var j(w j t {z } ) + Between-firm dispersion I Our main conclusion: i JX P j var i (w ij t i 2 j). {z } Within-firm jdispersion j=1 large increase in between-firm dispersion little change in within-firm dispersion, except at the top end for very large firms I Q: Can we go deeper into between and within-firm components? Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 84 / 208

113 AKM+ Decomposition I Consider this model for wages: w ij t = {z} i + j {z} Worker FE Firm FE + Xt i {z} + " i t (1) Time var. char. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 85 / 208

114 AKM+ Decomposition I Consider this model for wages: w ij t = {z} i + j {z} Worker FE Firm FE + Xt i {z} + " i t (1) Time var. char. I Estimating (1) from US population: 150 million worker FEs and 6 million firm FEs. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 85 / 208

115 AKM+ Decomposition I Consider this model for wages: w ij t = {z} i + j {z} Worker FE Firm FE + Xt i {z} + " i t (1) Time var. char. I Estimating (1) from US population: 150 million worker FEs and 6 million firm FEs. I Set X i t 0 for a moment. Average firm wage: w j t = j + j Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 85 / 208

116 AKM+ Decomposition I Consider this model for wages: w ij t = {z} i + j {z} Worker FE Firm FE I Estimating (1) from US population: 150 million worker FEs and 6 million firm FEs. + Xt i {z} + " i t (1) Time var. char. I Set X i t 0 for a moment. Average firm wage: w j t = j + j I Key decomposition: var i (w ij t )= var j( j )+var j ( j )+cov( i, j ) {z } Between-firm dispersion + X P j (var i ( i i 2 j)+var i (" i t i 2 j)) j {z } Within-firm dispersion Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 85 / 208

117 AKM Decomposition, Cont d Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 86 / 208

118 AKM Decomposition, Cont d Change in: = i + j + Xt i + " i t Baseline Drop mega firms Drop large firms Between-Firm var j ( j ) Components + var j ( j ) of Variance + 2 cov( i, j ) w ij t + 2 cov( i + j, X i b) = Between-firm var Within-Firm var i ( i + X i b i 2 j) Components + var i (" i t i 2 j) of Variance = Within-firm var Total in var(w ij t ) Note: Mega firms: 10,000+ male employees. Large firms: 1,000+ employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 86 / 208

119 AKM Decomposition, Cont d Change in: = i + j + Xt i + " i t Baseline Drop mega firms Drop large firms Between-Firm var j ( j ) Components + var j ( j ) of Variance + 2 cov( i, j ) w ij t + 2 cov( i + j, X i b) = Between-firm var Within-Firm var i ( i + X i b i 2 j) Components + var i (" i t i 2 j) of Variance = Within-firm var Total in var(w ij t ) Note: Mega firms: 10,000+ male employees. Large firms: 1,000+ employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 86 / 208

120 AKM Decomposition, Cont d Change in: = i + j + Xt i + " i t Baseline Drop mega firms Drop large firms Between-Firm var j ( j ) Components + var j ( j ) of Variance + 2 cov( i, j ) w ij t + 2 cov( i + j, X i b) = Between-firm var Within-Firm var i ( i + X i b i 2 j) Components + var i (" i t i 2 j) of Variance = Within-firm var Total in var(w ij t ) Note: Mega firms: 10,000+ male employees. Large firms: 1,000+ employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 86 / 208

121 Increasing Sorting Joint Worker and Firm Fixed Effect Distribution Interval 1: Proportion of Observations Firm Fixed Effect Decile Worker Effect Decile 1 Worker Effect Decile 2 Worker Effect Decile 3 Worker Effect Decile 4 Worker Effect Decile 5 Worker Effect Decile 6 Worker Effect Decile 7 Worker Effect Decile 8 Worker Effect Decile 9 Worker Effect Decile 10 Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 87 / 208

122 Increasing Sorting Joint Worker and Firm Fixed Effect Distribution Interval 5: Proportion of Observations Firm Fixed Effect Decile Worker Effect Decile 1 Worker Effect Decile 2 Worker Effect Decile 3 Worker Effect Decile 4 Worker Effect Decile 5 Worker Effect Decile 6 Worker Effect Decile 7 Worker Effect Decile 8 Worker Effect Decile 9 Worker Effect Decile 10 Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 88 / 208

123 Increasing Sorting.01 Change in Joint Worker and Firm Fixed Effect Distribution from Interval 1 to 5 Proportion of Observations Firm Fixed Effect Decile Worker Effect Decile 1 Worker Effect Decile 2 Worker Effect Decile 3 Worker Effect Decile 4 Worker Effect Decile 5 Worker Effect Decile 6 Worker Effect Decile 7 Worker Effect Decile 8 Worker Effect Decile 9 Worker Effect Decile 10 Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 89 / 208

124 Related Evidence I (US, ) Rise in between-establishment dispersion of average wage in manufacturing tracks rise in wage dispersion across workers (Dunne et al (2004)). Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 90 / 208

125 Related Evidence I (US, ) Rise in between-establishment dispersion of average wage in manufacturing tracks rise in wage dispersion across workers (Dunne et al (2004)). I (US: ) Rise in between-establishment inequality is 2/3 of rise in overall wage inequality (Barth et al (2014)). Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 90 / 208

126 Related Evidence I (US, ) Rise in between-establishment dispersion of average wage in manufacturing tracks rise in wage dispersion across workers (Dunne et al (2004)). I (US: ) Rise in between-establishment inequality is 2/3 of rise in overall wage inequality (Barth et al (2014)). I Very similar results for UK ( ), Faggio, et al (2007) Germany ( ), Card et al (2013) Brazil ( ), Helpman et al (2015) Sweden ( ), Håkanson et al (2015)) I So, whatever the driving force(s) are, they seem global. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 90 / 208

127 Further Thoughts I Why are worker FEs getting (i) more dispersed across firms, and (ii) more systematically related to firm FEs (sorting)? Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 91 / 208

128 Further Thoughts I Why are worker FEs getting (i) more dispersed across firms, and (ii) more systematically related to firm FEs (sorting)? I In our estimation, correlation between j and j goes from 0.12 up to 0.52 (by 0.40) over the period. Hakanson et al (2015): increasing sorting by cognitive and noncognitive skills in Sweden due to stronger complementarities between worker skills and technology. Handwerker and Spletzer (2015): Increasing occupational segregation in the US. Increased domestic outsourcing: Dube and Kaplan (2010), Berlingieri (2014), and Goldschmidt and Schmieder (2015) Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 91 / 208

129 Conclusions I Rising in income inequality is almost entirely between firms. Within-firm inequality flat. True for very fine industry groups, across regions, and across firm size categories. Only exception: Very large firms. Within dispersion increased both at very top end and bottom end. I Rise in between inequality, not due to firm effects, but due to rising dispersion of worker FEs and increased sorting. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 92 / 208

130 Conclusions I Rising in income inequality is almost entirely between firms. Within-firm inequality flat. True for very fine industry groups, across regions, and across firm size categories. Only exception: Very large firms. Within dispersion increased both at very top end and bottom end. I Rise in between inequality, not due to firm effects, but due to rising dispersion of worker FEs and increased sorting. I Evidence points to major changes in firms organization. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 92 / 208

131

132 APPENDIX

133 What is an EIN? I Our definition of a firm is an Employer Identification Number (EIN) I Any firm with an employee (issued a W-2) must have an EIN, issued by the IRS. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 95 / 208

134 What is an EIN? I Our definition of a firm is an Employer Identification Number (EIN) I Any firm with an employee (issued a W-2) must have an EIN, issued by the IRS. I Many firms use only 1 EIN (e.g. Facebook, Google, Walmart stores) Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 95 / 208

135 What is an EIN? I Our definition of a firm is an Employer Identification Number (EIN) I Any firm with an employee (issued a W-2) must have an EIN, issued by the IRS. I Many firms use only 1 EIN (e.g. Facebook, Google, Walmart stores) I Some firms use different EINs for different divisions For example: Stanford has 1 for the university, 1 for each hospital and 1 for the bookshop General Electric has about 80 EINs. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 95 / 208

136 What is an EIN? I Our definition of a firm is an Employer Identification Number (EIN) I Any firm with an employee (issued a W-2) must have an EIN, issued by the IRS. I Many firms use only 1 EIN (e.g. Facebook, Google, Walmart stores) I Some firms use different EINs for different divisions For example: Stanford has 1 for the university, 1 for each hospital and 1 for the bookshop General Electric has about 80 EINs. I Bureau of Labor Statistics uses the EIN as the definition of firm. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 95 / 208

137 Wage Inequality: Median Firm Wage Log Change, th %ile at Firm Indv Total Wage Indv Wage/Firm Average Percentile of Indv Total Wage Note: Sample contains workers in firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 96 / 208

138 Firm as the Unit of Analysis I Group firms by average pay I Group firms by size (employment) Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 97 / 208

139 Standard Deviation of Log Wages Log Change, Std Dev of Log Wage at Firm Firm Average Wage Percentile of Firm Average Wage Note: Sample contains firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 98 / 208

140 Frac. to Bottom 95% Log Change, Frac of Wages to Bottom 95% Firm Average Wage Percentile of Firm Average Wage Note: Sample contains firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 99 / 208

141 Avg. of Log Wages Log Change, Average of Log Wages at Firm Firm Average Wage Percentile of Firm Average Wage Note: Sample contains firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 100 / 208

142 Ranking Firms By Size

143 Firm Size Distribution Table: Percentiles for Firm Size Distribution Number of Employees P50 P90 P95 P99 P99.5 P99.9 P ,178 3,270 13,180 58,335 Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 102 / 208

144 Rise in Pay Inequality: Firms By Size Log Change, Firm Average Wage Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 103 / 208

145 Change in P10 by Firm Size Log Change, th %ile at Firm Firm Average Wage Difference Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 104 / 208

146 Change in P90 By Firm Size Log Change, th %ile at Firm Firm Average Wage Difference Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 105 / 208

147 Inequality by Firm Size: Standard Deviation Log Change, Std Dev of Log Wage at Firm Firm Average Wage Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 106 / 208

148 Inequality by Firm Size: Frac. Wages to Bottom 95% Log Change, Frac of Wages to Bottom 95% Firm Average Wage Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 107 / 208

149 P90-10 Log Change, Diff at Firm Firm Average Wage Percentile of Firm Average Wage Note: Sample contains firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 108 / 208

150 Avg of Bottom 95% Log Change, Avg of Bottom 95% at Firm Firm Average Wage Difference Percentile of Firm Average Wage Note: Sample contains firms with 20+ full-time equivalent employees. Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 109 / 208

151 Change in Avg. Log Wages by Firm Size Log Change, Average of Log Wages at Firm Firm Average Wage Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 110 / 208

152 Inequality by Firm Size Log Change, Diff at Firm Firm Average Wage Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 111 / 208

153 Avg. of Bottom 95% by Firm Size Log Change, Avg of Bottom 95% at Firm Firm Average Wage Difference Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 112 / 208

154 Bottom 99%: Industries

155 Industry: Ag/Mining/Construction/Other Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 114 / 208

156 Industry: Manufacturing Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 115 / 208

157 Industry: Utilities Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 116 / 208

158 Industry: Finance/Insurance/Real Estate Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 117 / 208

159 Industry: Services Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 118 / 208

160 Bottom 99%: US Regions

161 Region: Northeast Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 120 / 208

162 Region: South Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 121 / 208

163 Region: Midwest Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 122 / 208

164 Region: West Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 123 / 208

165 Robustness: Average of Bottom 95pct Log Change, Indv Total Wage Avg of Bottom 95% at Firm Difference Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 124 / 208

166 ADDITIONAL FIGURES

167 Within 4-Digit Industry Code Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 126 / 208

168 Firm Size: 20 10, 000 FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 127 / 208

169 Firm Size: 10, 000+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 128 / 208

170 Fraction Top-Paid Employee Fraction Top Paid Employee at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 129 / 208

171 Fraction Top-Paid Employee (Top 1%) Fraction Top Paid Employee at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 130 / 208

172 Rising Inequality Among Non-CEOs Change, Indv Total Wage Indv Total Wage (Non Top 1 Employees) Indv Total Wage (Non Top 5 Employees) Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 131 / 208

173 Rising Inequality Among Non-CEOs (Top 1%) Change, Indv Total Wage Indv Total Wage (Non Top 1 Employees) Indv Total Wage (Non Top 5 Employees) Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 132 / 208

174 Many Measures of Firm Wage Log Change, Indv Total Wage Firm Average Wage Firm Average (Leaving Out Indv) Average of Log Wages at Firm 50th %ile at Firm Avg of Bottom 95% at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 133 / 208

175 Many Measures of Firm Wage (Top 1%) Log Change, Indv Total Wage Firm Average Wage Firm Average (Leaving Out Indv) Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 134 / 208

176 Many Measures of Firm Wage (Top 1%) Log Change, Indv Total Wage Average of Log Wages at Firm 50th %ile at Firm Avg of Bottom 95% at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 135 / 208

177 Standard Deviation of Log Wage in Firm Log Change, Indv Total Wage Std Dev of Log Wage at Firm Percentile of Indv Total Wage FIRM DIFFERENTIAL Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 136 / 208

178 Standard Deviation of Log Wage in Firm (Top 1%) Log Change, Indv Total Wage Std Dev of Log Wage at Firm Percentile of Indv Total Wage FIRM DIFFERENTIAL Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 137 / 208

179 Frac. Wages to Bottom 95% Frac of Wages to Bottom 95% Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 138 / 208

180 Max Wage in Firm Log Change, Indv Total Wage Max wage at Firm Difference Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 139 / 208

181 By Percentile for Group Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 140 / 208

182 Top 1%: Industries

183 Industry: Ag/Mining/Construction/Other (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 142 / 208

184 Industry: Manufacturing (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 143 / 208

185 Industry: Utilities (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 144 / 208

186 Industry: Finance/Insurance/Real Estate (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 145 / 208

187 Industry: Services (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 146 / 208

188 Top 1%: US Regions

189 Region: Northeast (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 148 / 208

190 Region: South (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 149 / 208

191 Region: Midwest (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 150 / 208

192 Region: West (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 151 / 208

193 Bottom 99%: Size

194 Firm Size: 1+ FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 153 / 208

195 Firm Size: 5+ FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 154 / 208

196 Firm Size: 10+ FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 155 / 208

197 Firm Size: FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 156 / 208

198 Firm Size: 100+ FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 157 / 208

199 Firm Size: 20-1,000 FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 158 / 208

200 Firm Size: 1,000+ FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 159 / 208

201 Firm Size: 20-10,000 FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 160 / 208

202 Firm Size: 10,000+ FTE Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 161 / 208

203 Bottom 99%: Gender

204 Men Only Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 163 / 208

205 Women Only Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 164 / 208

206 Bottom 99%: Age

207 Age 34 and Below Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 166 / 208

208 Age Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 167 / 208

209 Age Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 168 / 208

210 Age 55 and Above Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 169 / 208

211 Top 1%: Firm Size

212 Firm Size: 1+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 171 / 208

213 Firm Size: 5+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 172 / 208

214 Firm Size: 10+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 173 / 208

215 Firm Size: FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 174 / 208

216 Firm Size: 100+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 175 / 208

217 Firm Size: 20-1,000 FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 176 / 208

218 Firm Size: 1,000+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 177 / 208

219 Firm Size: 20-10,000 FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 178 / 208

220 Firm Size: 10,000+ FTE (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 179 / 208

221 Top 1%: Gender

222 Men Only (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 181 / 208

223 Women Only (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 182 / 208

224 Top 1%: Age

225 Age 34 and Below (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 184 / 208

226 Age (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 185 / 208

227 Age (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 186 / 208

228 Age 55 and Above (Top 1%) Log Change, Indv Total Wage Firm Average Wage Indv Wage/Firm Average Percentile of Indv Total Wage BACK TO SUBGROUPS Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 187 / 208

229 Lorenz Curve of Firm Size Frac. People in Firms up to This Size Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 188 / 208

230 Lorenz Curve of Firm Size (Top 1%) Frac. People in Firms up to This Size Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 189 / 208

231 Values in Both Years Log Indv Total Wage Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 190 / 208

232 Values in Both Years, 10,000+ FTE Log Indv Total Wage Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 191 / 208

233 Values in Both Years Log Number of Employees Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 192 / 208

234 Values in Both Years Log Std Dev of Log Wage at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 193 / 208

235 Values in Both Years Log Diff at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 194 / 208

236 Values in Both Years Frac of Wages to Bottom 95% Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 195 / 208

237 Values in Both Years Log Firm Average Wage Percentile of Firm Average Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 196 / 208

238 Values in Both Years Log Number of Employees Percentile of Firm Average Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 197 / 208

239 Values in Both Years Log Number of Employees Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 198 / 208

240 Values in Both Years (Top 1%) Log Indv Total Wage Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 199 / 208

241 Values in Both Years, 10,000+ FTE (Top 1%) Log Indv Total Wage Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 200 / 208

242 Values in Both Years (Top 1%) Log Number of Employees Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 201 / 208

243 Values in Both Years (Top 1%) Log Std Dev of Log Wage at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 202 / 208

244 Values in Both Years (Top 1%) Log Diff at Firm Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 203 / 208

245 Values in Both Years (Top 1%) Frac of Wages to Bottom 95% Percentile of Indv Total Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 204 / 208

246 Values in Both Years (Top 1%) Log Firm Average Wage Percentile of Firm Average Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 205 / 208

247 Values in Both Years (Top 1%) Log Number of Employees Percentile of Firm Average Wage Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 206 / 208

248 Values in Both Years (Top 1%) Log Number of Employees Percentile of Number of Employees Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 207 / 208

249 What Types of Executive Compensation Are Tax Deductible? Song, Price, Guvenen, Bloom, von Wachter Firming Up Inequality 208 / 208

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